This article is from the Australian Property Journal archive
ALEXANDER Property Group, headed by former Macquarie Bank executive Scott Ponton, has snapped up two development sites at Rainbow Bay on the Gold Coast for $7.85 million.
Alexander Property Group has purchased the two sites at 11 and 40 Eden Avenue.
Both sites have development approvals in place and will be developed by a consortium headed up by the Alexander Property Group with plans for two boutique luxury apartment buildings, putting a new focus on property in the picturesque peninsula.
Ponton said the first project, to be called Eden Rainbow Bay, is to be developed on a 1,468 sqm block at 40 Eden Avenue. A DA approval for a 10 level apartment tower comprising 19 apartments and a two level villa is in place and has an expected total gross value of $20.7 million
The other development site is an 868 sqm parcel at 11 Eden Avenue. The project, to be called Ciel Rainbow Bay, has DA approval for a 10 level building with nine apartments comprising one apartment per floor with the penthouse spread over two levels.
Development of the site is expected later in the year with a gross value of $13.9 million.
Ponton said Rainbow Bay has for a long time been undervalued as a picturesque stretch of beach.
“However it contains one of the most unique geographical attributes of any part of the Northern NSW or Gold Coast areas.
“I am not aware of any other prime coastal site with the potential to become an up market village as Rainbow Bay does anywhere along this part of the coast,” he added.
Ponton said the Alexander Property Group intends to capitalize on the trend towards luxury boutique residential apartment developments that had already proven so popular along the coast.
“Buyers are increasingly looking for apartment living options that include larger than average floor space, generous balconies and views over the ocean, and don’t necessarily want to be a part of a large impersonal complex of hundreds of apartments. This trend will particularly be the focus at the southern end of the Gold Coast,” he concluded.
Australian Property Journal
